The general perception in the United Kingdom and even anywhere in the world is that renting a house is only a temporary solution. Ultimately, people aim to buy their own property. However, in the last ten years, private renters have increased in number over homeowners. There must be some compelling benefits to renting a property which have given it a significant surge in the past few years.

Lifestyle flexibility

The most common reason for choosing to rent a home is the flexibility of moving when needed. When you purchase a home, you will have to worry about mortgage payments and lengthy banking agreements. This is not the case when you rent a property. The process is simple and straightforward. There are no difficult binding agreements to worry about.

The flexibility of rental agreements allows tenants to observe different kinds of lifestyles. In melting pot cities such as London, renting is particularly popular for transients coming from other parts of the world.

Living arrangements

Renting also opens up opportunities to share your living space with friends. Different kinds of living arrangements can be accommodated when you choose to rent rather than buy a home. Living with friends is not only popular among students but also with young professionals who aim to minimise living expenses.

High cost of moving

Reports indicate that the overall cost of moving into a home has increased by 25% between 2006 and 2016. In terms of individual services, the highest increase was for surveyors, at an astounding 53%. In addition to this, costs for conveyancing have also increased by 37%. The costs for stamp duty and removals also increased, by 2% and 13%, respectively.

Moving into a rental property is definitely much cheaper. You will eliminate conveyancing, removal, and stamp duty costs making the whole moving process more affordable.

Purchasing a home can be a difficult process

First-time buyers are increasingly having a hard time buying a home. Millennials find it increasingly difficult to acquire a property with the staggering costs and scarcity of available properties. Recent surveys indicate that more tenants are aiming to rent for a longer period of time rather than save for a deposit.

Despite what the numbers say, tenants are still interested in owning a property as a long-term goal. In the meantime, renting seems to be the most plausible and practical option.

Tips for finding a property to rent

If you are in the market for a rental property, and need one fast, use websites directly and don’t bother with a letting agent. Be ready to put a deposit on properties that you like. If you are in the middle of the market looking for a one bedroom or two-bedroom place, it can be worthwhile to go to a letting agent. Through a letting agent, you can find rentals managed by a property investment company that are a lot nicer and within your price range. There are many other considerations aside from budget. Think about the distance to your workplace, council tax bands, utility payments, and the like.

 

Image: Pixabay.com

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